Owens Corning (NYSE: OC) reported Q3 EPS of $1.09, $0.10 better than the analyst estimate of $0.99. Revenue for the quarter came in at $1.52 billion versus the consensus estimate of $1.51 billion.

“In the third quarter, Owens Corning continued the strong performance we have seen throughout 2016. Our Roofing business delivered another outstanding quarter with favorable market conditions, great margin performance and revenue growth associated with our first-half acquisition. Based on our strong performance and cash flow outlook, the Board of Directors has approved an additional share repurchase authorization for up to 10 million shares,” said Chairman and Chief Executive Officer Mike Thaman.

Outlook

The company expects an environment consistent with consensus expectations for U.S. housing starts and moderate global growth.

In Composites, the company continues to expect growth in the glass fiber market, driven by moderate global industrial production growth. The company is on track to deliver EBIT growth of about $30 million for 2016, with rebuild and plant start up expenses sequentially lower by over $10 million in the fourth quarter.

In Roofing, the company now expects low-teen market growth for 2016, including modest demand from Hurricane Matthew. While this revised demand outlook now assumes growth in the second half, we have challenging volume comparisons against the very strong fourth quarter of 2015.

In Insulation, the company experienced a more competitive environment in the U.S. new residential construction market and now expects full-year 2016 revenue could be down by about five percent compared with 2015, with a full-year EBIT margin rate one percentage point below last year. The company believes pricing stabilized late in the summer and the mid-term outlook for this business remains unchanged.

The company estimates an effective tax rate of 32 percent to 34 percent, and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company’s $2.0 billion U.S. tax net operating loss carryforward.

The company now expects general corporate expenses at the bottom half of the $120 million to $130 million guidance range in 2016. Capital additions in 2016 are expected to total approximately $385 million, including an estimated $50 million for the completion of the previously announced mineral fiber insulation facility. Interest expense is expected to be about $110 million.

For the full-year 2016, the company continues to expect adjusted EBIT of $700 million or more.

For earnings history and earnings-related data on Owens Corning (OC) click here.